Fintech & Ecommerce

Bank of England Urges UK Payment Companies to Upgrade Operational Resilience

Sasha Mills, executive director of Financial Market Infrastructure (FMI) at the Bank of England, said that much more needs to be done in the context of increasing cyberattack preparedness for companies that provide payment transaction services in the United Kingdom.

Bank of England Urges UK Payment Companies to Upgrade Operational Resilience

Sasha Mills on Tuesday, April 30, during a speech at the London Institute of Banking and Finance, noted that the mentioned firms must work harder to achieve compliance with the new standards of operational resilience by March next year. The relevant standards are designed to eliminate disruptions in the system of functioning of the financial market of the United Kingdom.

Sasha Mills stated that trust in the financial market infrastructure is crucial for the formation of a vibrant and prosperous economy. She expects that in the foreseeable future, participants in the mentioned market will begin to demonstrate a higher level of engagement compared to the state of affairs that has been observed so far.

The central bank of the United Kingdom is asking companies that provide financial services to determine which areas of their activities could most threaten stability in the event of a disruption. In this case, the stability of the entire financial market is implied.

Sasha Mills stressed that the Bank of England is asking the mentioned firms to report what level of disruptions important business services may face. The central bank of the United Kingdom characterizes the corresponding parameter as impact tolerance.

In April, the media also reported that the UK financial regulator is exploring the possibility of using new technologies to improve the functions of retail and wholesale payments.

As we have reported earlier, Bank of England Governor Andrew Bailey Embraces AI.

Serhii Mikhailov

2274 Posts 0 Comments

Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.